Calgary Home Sales Decline in May Amid Limited Supply of Affordable Options
Hey Calgary homeowners and potential buyers! If you've been keeping an eye on the real estate market, you might have noticed some interesting shifts lately. Let's dive into what's been happening in Calgary's housing scene and what it means for you.
A Quick Market Overview
May wasn't the best month for home sales in Calgary. According to the Calgary Real Estate Board (CREB), there was a noticeable drop in activity. But don't panic just yet – even with this decline, sales were still 34% higher than the long-term trends for May. So, while it might seem like things have slowed down, the market is still quite active compared to historical norms.
The Supply Crunch
One of the main issues driving this change is the limited supply of lower-priced homes. If you're hunting for a budget-friendly option, you might have found it tough to find something that suits your needs. The market for detached homes is particularly tight, with just over a month's supply available. This limited inventory continues to favor sellers, keeping prices on the rise.
Seller's Market Continues
The CREB report highlighted that the detached housing market remains firmly in the seller's corner. With more demand than supply, sellers can command higher prices. If you're selling, this might be music to your ears. But for buyers, it means you need to be ready to move quickly and possibly stretch your budget a bit more than you planned.
What's Driving the Market?
Several factors are contributing to the current state of the market. For one, Calgary's economy is showing signs of strength, drawing more people into the housing market. Plus, interest rates have been relatively low, encouraging more buyers to make a move. However, the biggest challenge remains the lack of affordable housing options, which has been a persistent issue for some time now.
Navigating the Market as a Buyer
If you're in the market to buy, here are a few tips to help you navigate these challenging conditions:
Be Prepared to Act Fast: With inventory so low, desirable homes are snapped up quickly. Have your financing in place and be ready to make an offer as soon as you find a home you like.
Consider a Broader Range of Homes: While you might have a specific type of home in mind, being flexible can open up more options. Look at different neighborhoods or types of homes that you might not have considered initially.
Work with a Good Agent: A knowledgeable real estate agent can be invaluable in a tight market. They can help you find homes that meet your needs and guide you through the competitive bidding process.
Tips for Sellers
For sellers, the current market conditions are more favorable. However, there are still some strategies you can employ to make the most of this situation:
- Price Strategically: Even though it's a seller's market, pricing your home correctly is crucial.